capital to units with better investment opportunities, state groups do the opposite. Minority shareholders in state owned … groups’ tendency to ignore investment opportunities. We conjecture that capital allocations at state groups reflect the …

local member bank level. We first show that a member bank’s investment (net loan growth) is generally not fully independent …

decentralized firms where individual project managers borrow separately. If projects differ in their ex post cash …

are more likely to have forced turnovers when there is more over-investment prior to the turnover, and these firms make … more efficient investment decisions subsequently. Board influence is largely insignificant prior to a CEO turnover but is … consistently associated with higher levels of investment subsequently. …

investment project. The manager's choice of innovation effort is subject to a holdup problem because of the ex post opportunism … on the part of headquarters. We analyze and contrast the performance of centralized and delegated forms of investment …' investment opportunity sets. …

French managers. Three different types of decisions are analyzed:investment decisions, financing decisions and payout …

investing at an elevated level and when the new owner has displayed past restraint in their investment spending activities …